MANILA, Philippines - The Social Security System (SSS) has partnered with Citibank and Visa for the SSS Citi Visa Prepaid Card to provide SSS members another option in receiving their salary loans.
In a press conference, SSS president and CEO Emilio de Quiros, said the card would provide their borrowers a quicker, safer and more convenient means of receiving their loan proceeds.
SSS granted more than P20 billion in salary loans to its over 1.2 million members from January to October 2013.
SSS and Citi would conduct a pilot test of the prepaid card starting on March 10 and would run until May. By June this year, it is expected that the use of SSS-Citi Visa Prepaid Card, which has a three-year validity, would be full blast nationwide.
The use of the prepaid card is free of charge if used in Visa-partner merchants. But a charge of P15 per transaction will apply if used in accredited automated teller machines (ATMs). The card could also be used overseas.
The SSS-Citi Visa Prepaid Card is accepted in more than 15,000 ATMs and over 200,000 Visa partner merchants in the Philippines as well as for online purchases. Members can use their cards globally wherever Visa is accepted and to withdraw local currency at two million ATMs in more than 200 territories and countries nationwide.
Citi Philippines CEO Batara Sianturi said the prepaid card, patterned in other countries with similar program like the US and Australia, has been receiving favorable response.
“We would like to hope that it would also work in the Philippines,†Sianturi said.
“City is proud to partner with SSS in this innovation, which will offer advantages not only to SSS members across the country, but also to SSS the institution,†he said. “Electronic payment is the wave of the future, providing convenience as well as speed and enhanced security to every user. This partnership gives testament to Citi’s commitment to serve as payment solutions provider not only to the private companies, but also public sector as well.â€
For his part, Visa group country manager for Southeast Asia Peter Maher said as Visa has helped government worldwide to operate more efficiently through the use of electronic payment, our collaboration with SSS and Citi Philippines is a great example of how a Visa prepaid card can be used to provide a more convenient, secure, and efficient system to disburse salary loans to the tens of million of SSS members in more than 200 territories and countries nationwide.â€
To avail of the card service, borrowers must first file their salary loan application at SSS Diliman or SSS Makati-Buendia. After securing SSS approval of the loan, members must submit their SSS-Citi Visa prepaid card application form and a photocopy of one government-issued ID to the designated Citibank lane at the same branch.
SSS will release the card directly to the member on the same day, with the loan proceeds credited within three to four days.
The prepaid card will be issued free to members, while P150 will be charged as The card is also reloadable, so members renewing their salary loans can get their new loaned proceeds using the same prepaid card, as long as as it is within the card’s validity period.
Only SSS can deposit funds into the prepaid card accounts. For secure access, a personal identification number (PIN) is required before any card transaction can be made.